Seeking high-quality opportunities in Australian companies with positive structural industry dynamics, strong competitive positions and which can sustainably grow at attractive rates of return.
Investment ObjectiveThe Fund's investment objective is long-term capital appreciation through investment primarily in a portfolio of securities of Australian companies listed on the S&P/ASX200 Accumulation Index (ASX200). The portfolio will include the securities of a broad range of companies across the market capitalisation. Additionally the portfolio may contain investments in the Securities of companies outside of the ASX200 including certain New Zealand and ASX dual listed companies.
- Our investment approach focuses on bottom-up company fundamentals but recognizes that sector and industry analysis are also critical to understanding growth drivers. The portfolio manager ultimately seeks to construct a growth-oriented portfolio of stocks, ranging across all market capitalization segments and maintaining sector diversification.
- One of the core tenets of our investment philosophy is that quality growth stocks are frequently mispriced. Our long-term investment approach provides us with the opportunity to take advantage of near-term trends that can often be overemphasized by the market and our competitors.
- We implement fundamental analysis to identify companies with positive structural industry dynamics, strong competitive positions and those that we believe can grow sustainably at attractive rates of return. In seeking out these higher-quality businesses, we focus on industry attractiveness, competitive advantage, management quality, free cash flow, return on capital and financing/balance sheet structure.
- Our global research platform enables us to access and use information from local and global perspectives, generating unique insights. The fund comprises some of the highest-conviction ideas from our research platform, as well as the insights of our global sector and regional equity portfolios. We expect these businesses to compound value faster than the overall market and outperform over time, focusing on opportunities where our fundamental views differ from market expectations.
- We assess valuations relative to other local market opportunities, seeking high-growth companies with attractive valuations relative to their long-term intrinsic value.
- Systematic and integrated risk management are hallmarks of our investment process.
- The portfolio may contain investments in the securities of companies outside of the ASX200 including certain New Zealand and ASX dual listed companies.
- Typically 30-50 holdings, ranging across all market capitalization segments
- Individual positions range from +/- 5% relative to benchmark
- Expected Tracking Error: typically 3.0 to 6.0% over rolling three-year period
- Cash target range: Cash Reserves are typically less than 5% but will not exceed 10% of the Fund's total market value
- Turnover range: 30 – 50% per annum
|1 YR||3 YR
|Since Manager Inception
|Excess Return %||-0.53%||-0.80%||0.24%||0.40%||0.40%|
|1 YR||3 YR
|Excess Return %||-0.53%||-0.80%||0.24%||0.40%|
|Month to DateData as of 22-Oct-2021||Quarter to DateData as of 22-Oct-2021||Year to DateData as of 22-Oct-2021||1 MonthData as of 30-Sep-2021||3 MonthsData as of 30-Sep-2021|
|Excess Return %||-0.02%||-0.02%||2.66%||-0.10%||1.45%|
Past performance is not a reliable indicator of future performance.
Source for performance: T Rowe Price. Net of fees performance is based on end of month redemption prices after the deduction of fees and expenses and the reinvestment of all distributions. Figures include changes in principal value. Investment return and principal value will vary, and an account may be worth more or less at termination than at inception. For further details, please refer to the fund's product disclosure statement and reference guide which are available from Equity Trustees or TRPAU.
Daily performance (MTD, QTD, and YTD) data is based on the latest available NAV minus one business day.
Returns shown with gross dividends reinvested. S&P/ASX 200 Index is renamed to S&P/ASX200 Total Return Index.
Returns for time periods greater than one year are annualised.
Fund performance is shown in I Class.
Largest Top Contributor^
Largest Top Detractor^
Domain Holdings Australia (E)0.00%
Consumer DiscretionaryNet Contribution 1.65%
Industrials & Business ServicesNet Contribution -0.54%
Randal Jenneke is a portfolio manager and head of Australian equities in the International Equity Division. He is a director of T. Rowe Price Australia, Ltd. He is also a vice president of T. Rowe Price Group, Inc.
Randal’s investment experience began in 1991, and he has been with T. Rowe Price since 2010, beginning in the International Equities Group. Prior to this, Randal was employed by Schroders in the area of investment management.
Randal earned a B.Ec. in accounting and finance from Macquarie University. He also earned a graduate diploma in applied finance and investment from the Securities Institute of Australia.
- Fund manager2012
- Years at11
T. Rowe Price
- Years investment30
|APIR||Minimum Initial Investment (AUD)||Minimum Subsequent Investment (AUD)||Buy/Sell Spread||Management Fees|
|ETL0328AU||$500,000||$100,000||Buy +0.10%/ Sell -0.10%||0.60% pa|